国外律师事务所起草的有关股权并购的意向书.doc
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LETTEROFINTENT
October4,2004
To:
AirwavesSoundDesignLtd.
SecondFloor,25EastSecondAvenue
Vancouver,BC,CanadaV5T1B3
RE:
Purchaseofalloftheissuedandoutstandingshares（the"Shares"）
ofAirwavesSoundDesignLtd.andAirwavesDigitalGroupLtd.
ThefollowingsetsoutthebasictermsuponwhichwewouldbepreparedtopurchasetheShares.Thetermsarenotcomprehensiveandweexpectthatadditionalterms,includingreasonablewarrantiesandrepresentations,willbeincorporatedintoaformalagreement（the"FormalAgreement"）tobenegotiated.Thebasictermsareasfollows:
1.Purchaser:
InternetS,Inc.（the"Purchaser"）
2.Target:
AirwavesSoundDesignLtd.andAirwavesDigitalGroupLtd.（collectively,the"Target"）
3.PrincipalShareholders:
AlexDownieandanyothershareholdersoftheTarget（the"Vendors"）
4.Shares:
ThePurchaseragreestopurchasefromtheVendorsandtheVendorsagreetosell,assignandtransferandtocauseallholdersoftheSharestosell,assignandtransfertothePurchaser,theSharesfreeandclearofallliens,chargesandencumbrances.
5.Transaction:
ThePurchaser,theTargetandtheVendorswillenterintoabusinesscombination（the"Combination"）wherebythePurchaserwillacquirealloftheissuedandoutstandingsecuritiesoftheTargetfromalltheVendorsinexchangefor500,000sharesinthecapitalofthePurchaserandoptionstopurchase1,500,000sharesinthecapitalofthePurchaseratanexercisepricepershareequaltothepricepersharepaidbytheinstitutionalinvestorsintheFinancing（asdefinedherein）,whichoptionswillvestasismutuallyagreedtoamongthePurchaserandtheVendors（the"Acquisition"）.
6.Structure:
InordertofacilitatetheAcquisition,thePurchaser,theTargetandtheVendorsagreethateachwillusetheirbesteffortstoformulateastructurefortheCombinationwhichisacceptabletoeachofthepartiesandwhichisformulatedto:
·
o
ocomplywithallnecessarylegalandregulatoryrequirements;
o
ominimizeoreliminateanyadversetaxconsequences;and
o
obeascosteffectiveaspossible.
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7.Financing:
TheVendorshaveadvisedthePurchaserthatitwillarrangefortheprivateplacementofsharesinthecapitalofthePurchaserforaminimumof$2million,whichinvestmentwillcloseonorbeforetheClosing（asdefinedherein）andwillbeonthesametermsastheinvestmenttobemadebyinstitutionalinvestorsbeingarrangedbythePurchaser'sadvisors,WestLBSecurities（the"Financing"）.AportionoftheproceedsraisedinconnectionwiththistransactioncontemplatedbythisLetterofIntent,shallbeallocatedtowardthepurchaseofacompanyinvolvedinpostproductionvideoservicesontermsacceptabletothePurchaser.
8.AccesstoInformation:
ImmediatelyuponexecutionofthisLetterofIntent,thePurchaseranditsadvisorswillhavefullaccessduringnormalbusinesshoursto,ortheTargetandtheVendorswilldelivertothePurchaser,copiesofalldocuments（the"Materials"）pertainingtotheoperationsoftheTarget.
9.Condition（s）Precedent:
TheobligationofthePurchasertopurchasetheShareswillbesubjecttosatisfactionorwrittenwaiverbythePurchaserofthefollowingcondition（s）（the"ConditionsPrecedent"）within10daysafterexecutionanddeliveryoftheFormalAgreement:
·
o
oreviewandapprovalofallmaterialsinthepossessionandcontroloftheTargetandtheVendorswhicharegermanetothedecisiontopurchasetheShares;
o
othePurchaseranditssolicitorshavinghadareasonableopportunitytoperformthesearchesandotherduediligencereasonableorcustomaryinatransactionofasimilarnaturetothatcontemplatedhereinandthatboththesolicitorsandthePurchaseraresatisfiedwiththeresultsofsuchduediligence;
o
othePurchaseranditsaccountanthavinghadareasonableopportunitytoreviewtheauditedfinancialstatements（includingcorporatetaxreturns,generalledgerlistings,adjustingentriesandopeningtrialbalances）oftheTarget,preparedinaccordancewithgenerallyacceptedaccountingprinciplesandthatboththePurchaseranditsaccountantaresatisfiedwiththecontentofsuchfinancialstatements;
o
osatisfactoryarrangementsbeingmadetohirehourlyandsalariedstaffnecessarytooperatethebusinessoftheTargetincludingtheTargetenteringintoanexecutivemanagementcontractwithAlexDownie;
o
othePurchaserobtainingtheconsentfromanypartiesfromwhomconsenttothetransferoftheSharesisrequired;
o
othePurchaserobtainingconfirmationthatanynamesusedinthebusinessoftheTargetisavailableforusebythePurchaserandcanberegisteredasatrademarkofthePurchaser;
o
onomaterialadversechangehavingoccurredinconnectionwiththebusinessoftheTargetortheShares;
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·
o
oallrepresentationsandwarrantiesoftheTargetandtheVendorsbeingtrueandallcovenantsoftheTargetandtheVendorshavingbeenperformedinallmaterialrespectsasoftheClosing;
o
onolegalproceedingspendingorthreatenedtoenjoin,restrictorprohibitthetransactionscontemplatedinthisLetterofIntent;
o
oasatisfactorylegalopinionbeingavailablefromVendors'counsel;
o
ocompletionofsatisfactoryphysicalinspectionoftheassetsoftheTarget;
o
osatisfactoryreviewoftitletotheassetsoftheTarget;and
o
oapprovaloftheBoardofDirectorsofthePurchaserbeingobtained.
·
oItwouldbetheexpectationofthePurchaserthatmanyoftheConditionsPrecedentwillbenarrowedoreliminatedaltogetherasthePurchasercompletesitsduediligenceandtheFormalAgreementandschedulestheretoarefinalized.
10.ReturnofMaterials:
TheMaterialswillbereturnedtotheTargetand/ortheVendors,asapplicable,ordestroyediftheFormalAgreementisnotexecutedwithinthetimeprovided.
11.Closing:
Theclosing（the"Closing"）ofthetransactionscontemplatedbythisLetterofIntentwilloccurnotlaterthan10daysfollowingthesatisfactionorwrittenwaiverbythePurchaseroftheConditionsPrecedent.AttheClosing,theVendorswilltransfertheSharestothePurchaserfreefromanyoutstandingliens,charges,claimsorencumbrancesandexecuteallsuchdocumentsasthePurchaser'ssolicitorsmayrequireinordertoeffectsuchtransferincludingarestrictivecovenantagreementthattheVendorswillnotcompeteanywhereinCanadawiththePurchaserinconnectionwiththebusinessoftheTarget.TheClosingmaytakeplacebyexchangeoftheappropriatesolicitor'sundertakings,whichwillinvolveeachparty'ssolicitorsdeliveringtohisorhercounterpartallrequiredcashanddocumentation,tobeheldintrustandnotreleaseduntilallsuchcashanddocumentationhasbeenexecutedanddeliveredtothePurchaser.
12.Costs:
ThePurchaserandtheVendorswilleachbeartheirownexpensesinconnectionwiththisLetterofIntentandthepurchaseandsaleoftheShares.
13.Confidentiality:
AllnegotiationsregardingtheTargetandtheShareswillbeconfidentialandwillnotbedisclosedtoanyoneotherthanrespectiveadvisorsandinternalstaffofthepartiesandnecessarythirdparties,suchaslendersapproachedforfinancing.Nopressorotherpublicityreleasewillbeissuedtothegeneralpublicconcerningtheproposedtransactionwithoutmutualconsentunlessrequiredbylaw,andthenonlyuponpriorwrittennoticetotheotherparty.
14.PurchaseandSaleAgreement:
UponexecutionofthisLetterofIntent,thePurchaserwillprepareadraftoftheFormalAgreementfortheVendors'review.
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15.GoodFaithNegotiations:
EachofthePurchaserandtheVendorswillacthonestly,diligentlyandingoodfaithintheirrespectiveendeavorstonegotiate,settleandexecutetheFormalAgreementwithin90daysfollowingtheexecutionofthisLetterofIntent.
16.ExclusiveOpportunity:
FollowingtheexecutionofthisLetterofIntent,theVendorswillnotnegotiateorenterintodiscussionswithanyotherpartyoroffertheSharesoranyinterestthereinforsaletoanyotherpartyuntilthetimehereinprovidedforsettlementoftheFormalAgreementhasexpired.
17.StandstillAgreement:
FollowingtheexecutionofthisLetterofIntentanduntiltheClosing,theVendorswillnot,directlyorindirectly,purchaseorsellanysecuritiesofthePurchaser.
18.NotaBindingAgreement:
ThisLetterofIntentdoesnotcreateabindingcontractandwillnotbeenforceable,exceptinrespectoftheobligationssetoutinparagraphs10,13,15,16and17.OnlytheFormalAgreement,dulyexecutedanddeliveredbytheVendorsandPurchaser,willbeenforceable,anditwillsupersedetheprovisionsofthisLetterofIntentandallotheragreementsandunderstandingsbetweenthePurchaserandtheVendorswithrespecttothesubjectmatterofthisLetterofIntent.
19.Currency:
Allreferencesto"$"inthisLetterofIntentshallrefertocurrencyoftheUnitedStatesofAmerica.
20.ProperLaw:
ThisLetterofIntentwillbegovernedbyandconstruedinaccordancewiththelawoftheProvinceofBritishColumbiaandthepartiesherebyattorntothejurisdictionoftheCourtsofcompetentjurisdictionoftheProvinceofBritishColumbiainanyproceedinghereunder.
21.CounterpartsandElectronicMeans:
ThisLetterofIntentmaybeexecutedinseveralcounterparts,eachofwhichwillbedeemedtobeanoriginalandallofwhichwilltogetherconstituteoneandthesameinstrument.DeliverytousofanexecutedcopyofthisLetterofIntentbyelectronicfacsimiletransmissionorothermeansofelectroniccommunicationcapableofproducingaprintedcopywillbedeemedtobeexecutionanddeliverytousofthisLetterofIntentasofthedateofsuccessfultransmissiontous.
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22.Acc
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